Australian Dollar Sinks on RBA Outlook, Crude Oil Gains on Storm Upgrade. Markets Eye US CPI.
AUD/USD fell on RBA comments while energy markets moved higher on Hurricane Nicholas. Equities and rates are sidelined, awaiting US CPI.
AUD/USD fell on RBA comments while energy markets moved higher on Hurricane Nicholas. Equities and rates are sidelined, awaiting US CPI.
New Zealand posted GDP growth for Q2, with a record print for YoY growth propelling the Kiwi higher in immediate trade.
The fundamental outlook for Australian equities remains bleak as China continues to weaken, iron ore prices continue to fall, and tensions rise over Covid restrictions.
The price of oil appears to be on track to test the August high ($73.95) as crude breaks out of the descending channel from earlier this year.
Cyclical relief could come soon, once the economic recovery stabilizes. This dynamic should benefit small caps and thus the Russell 2000 over the medium term.
The New Zealand Dollar is largely unchanged after modest gains overnight. Traders are focusing in on Q2 GDP growth data set to cross the wires later this week.
NZD/USD appears to be trading within bull flag formation as it tracks the monthly opening range for September.
Canadian Inflation Edges Higher, CAD Muted But Oil Signals Upside
Bullish engulfing in USD/ZAR yesterday raises questions of a potential reversal in one of the strongest performing EM currencies this year
USD/JPY is struggling to consolidate the final leg off its symmetrical pattern